Home Buying Checklist: The Process of Buying Your New Home
Over the next several months, I would like to share some information that may be useful for you. I wanted to start with an important first step to consider in the home buying process. Once you’ve made the decision to buy a home, it’s time to start thinking about what comes next. Every buyer needs a checklist that will guide them through the process of searching for the perfect home, evaluating their choices and making a purchase.
Please take a look at the following summary and feel free to contact me with any questions:
Learn the Lingo
When you set out to buy a home, you will need to familiarize yourself with various real estate terms, conduct research on the market value of homes in the area in which you intend to shop and learn the art of making an offer. This information will help as you browse homes and get further into the home buying process.
Get a Free Credit Report
Every 12 months, you are entitled to request a free copy of your credit report from each of the three major credit reporting agencies – Equifax, TransUnion and Experian. You should make this request before you begin looking at homes in order to allow yourself enough time to identify and dispute any inaccuracies in your credit file(s). When you approach a lender, you will need to make sure that everything is correct and up-to-date.
Get Pre-qualified & Pre-approved
Getting pre-qualified and pre-approved arms you with critical knowledge ahead of time helping you avoid unnecessary pitfalls. This process will help you narrow your search to include only homes that are within your predetermined price range. Knowing what you want to pay beforehand will save you both time and disappointment in looking at homes that do not fit your budget. Finally, it can help avoid delays in closing, put you at an advantage during the bidding process and could be the difference between getting in your dream home, or someone else living there.
Make an Offer
As the buyer, you will have the best chance of having your offer accepted if you research the price of other comparable homes in the area first. Having the right information is a competitive advantage and gathering and analyzing this information is something I can do for you. Evaluating what has sold, what hasn’t and what is still on the market is the starting point for this process.
Before you buy a home, one of the things you should strongly consider is to have the home checked out by a professional home inspector. This will allow you to identify any significant defects allowing you to add contingencies to the offer or even back out of your offer, free of penalty, within a certain time frame.
This is the meeting where the transaction is finalized. I will guide you through all closing procedures, including paperwork and other activities being performed by outside parties to help make your home officially yours.
As your trusted advisor, you can contact me anytime with any questions.